Session 7_Random Variable-Exp. & Var.pptx

# Session 7_Random Variable-Exp. & Var.pptx - RANDOM...

• 12

This preview shows page 1 - 3 out of 12 pages.

RANDOM VARIABLE & PRABABILITY DISTRIBUTION Expected Value and Variance of a R.V. Discrete and Continuous Prob. Dist.

Subscribe to view the full document.

PROBABILITY Chance behavior is unpredictable in the short run, but has a regular and predictable pattern in the long run. The probability of any outcome of a random phenomenon is the proportion of times the outcome would occur in a very long series of repetitions. Sample Space - the set of all possible outcomes of a random phenomenon Event - any set of outcomes of interest Probability of an event - the relative frequency of this set of outcomes over an infinite number of trials P(A) is the probability of event A
A random variable is a variable whose value is a numerical outcome of a random phenomenon Usually denoted by X, Y or Z. Can be Discrete - a random variable that has finite or countable infinite possible values Example: Let x = number of TVs sold at the store in one day, where x can take on 5 values (0, 1, 2, 3, 4) Let x = number of customers arriving in one day, where x can take on the values 0, 1, 2, . . .
You've reached the end of this preview.
• Fall '17

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern